diff --git a/public/app/features/scenes/scenes/variablesDemo.tsx b/public/app/features/scenes/scenes/variablesDemo.tsx
index 74aec941ef3..16cf91a60fb 100644
--- a/public/app/features/scenes/scenes/variablesDemo.tsx
+++ b/public/app/features/scenes/scenes/variablesDemo.tsx
@@ -7,6 +7,7 @@ import { SceneFlexLayout } from '../components/layout/SceneFlexLayout';
 import { SceneTimeRange } from '../core/SceneTimeRange';
 import { VariableValueSelectors } from '../variables/components/VariableValueSelectors';
 import { SceneVariableSet } from '../variables/sets/SceneVariableSet';
+import { CustomVariable } from '../variables/variants/CustomVariable';
 import { TestVariable } from '../variables/variants/TestVariable';
 
 import { getQueryRunnerWithRandomWalkQuery } from './queries';
@@ -42,6 +43,17 @@ export function getVariablesDemo(): Scene {
           text: '',
           options: [],
         }),
+        new CustomVariable({
+          name: 'Single Custom',
+          query: 'A : 10,B : 20',
+          options: [],
+        }),
+        new CustomVariable({
+          name: 'Multi Custom',
+          query: 'A : 10,B : 20',
+          isMulti: true,
+          options: [],
+        }),
       ],
     }),
     layout: new SceneFlexLayout({
diff --git a/public/app/features/scenes/variables/variants/CustomVariable.test.ts b/public/app/features/scenes/variables/variants/CustomVariable.test.ts
new file mode 100644
index 00000000000..f974a281b93
--- /dev/null
+++ b/public/app/features/scenes/variables/variants/CustomVariable.test.ts
@@ -0,0 +1,253 @@
+import { lastValueFrom } from 'rxjs';
+
+import { CustomVariable } from './CustomVariable';
+
+describe('CustomVariable', () => {
+  describe('When empty query is provided', () => {
+    it('Should default to empty options', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: '',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('');
+      expect(variable.state.text).toEqual('');
+      expect(variable.state.options).toEqual([]);
+    });
+  });
+
+  describe('When invalid query is provided', () => {
+    it('Should default to empty options', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'A - B',
+      });
+
+      // TODO: Be able to triggger the state update to get the options
+      await lastValueFrom(variable.getValueOptions({}));
+
+      expect(variable.state.value).toEqual('');
+      expect(variable.state.text).toEqual('');
+      expect(variable.state.options).toEqual([]);
+    });
+  });
+
+  describe('When valid query is provided', () => {
+    it('Should generate correctly the options for only value queries', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'A,B,C',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('A');
+      expect(variable.state.text).toEqual('A');
+      expect(variable.state.options).toEqual([
+        { label: 'A', value: 'A' },
+        { label: 'B', value: 'B' },
+        { label: 'C', value: 'C' },
+      ]);
+    });
+
+    it('Should generate correctly the options for key:value pairs', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'label-1 : value-1,label-2 : value-2, label-3 : value-3',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('value-1');
+      expect(variable.state.text).toEqual('label-1');
+      expect(variable.state.options).toEqual([
+        { label: 'label-1', value: 'value-1' },
+        { label: 'label-2', value: 'value-2' },
+        { label: 'label-3', value: 'value-3' },
+      ]);
+    });
+
+    it('Should generate correctly the options for key:value pairs with special characters', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'label\\,1 :  value\\,1',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('value,1');
+      expect(variable.state.text).toEqual('label,1');
+      expect(variable.state.options).toEqual([{ label: 'label,1', value: 'value,1' }]);
+    });
+
+    it('Should generate correctly the options for key:value and only values combined', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'label-1 : value-1, value-2, label\\,3 : value-3,value\\,4',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('value-1');
+      expect(variable.state.text).toEqual('label-1');
+      expect(variable.state.options).toEqual([
+        { label: 'label-1', value: 'value-1' },
+        { label: 'value-2', value: 'value-2' },
+        { label: 'label,3', value: 'value-3' },
+        { label: 'value,4', value: 'value,4' },
+      ]);
+    });
+
+    it('Should generate correctly the options for key:value pairs with extra spaces', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'a,  b,   c, d :    e',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('a');
+      expect(variable.state.text).toEqual('a');
+      expect(variable.state.options).toEqual([
+        {
+          label: 'a',
+          value: 'a',
+        },
+        {
+          label: 'b',
+          value: 'b',
+        },
+        {
+          label: 'c',
+          value: 'c',
+        },
+        {
+          label: 'd',
+          value: 'e',
+        },
+      ]);
+    });
+
+    it('Should generate correctly the options for only values as URLs', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'http://www.google.com/, http://www.amazon.com/',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('http://www.google.com/');
+      expect(variable.state.text).toEqual('http://www.google.com/');
+      expect(variable.state.options).toEqual([
+        {
+          label: 'http://www.google.com/',
+          value: 'http://www.google.com/',
+        },
+        {
+          label: 'http://www.amazon.com/',
+          value: 'http://www.amazon.com/',
+        },
+      ]);
+    });
+
+    it('Should generate correctly the options for key/values as URLs', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        value: '',
+        text: '',
+        query: 'google : http://www.google.com/, amazon : http://www.amazon.com/',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual('http://www.google.com/');
+      expect(variable.state.text).toEqual('google');
+      expect(variable.state.options).toEqual([
+        {
+          label: 'google',
+          value: 'http://www.google.com/',
+        },
+        {
+          label: 'amazon',
+          value: 'http://www.amazon.com/',
+        },
+      ]);
+    });
+  });
+
+  describe('When value is provided', () => {
+    it('Should keep current value if current value is valid', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        query: 'A,B',
+        value: 'B',
+        text: 'B',
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toBe('B');
+      expect(variable.state.text).toBe('B');
+    });
+
+    it('Should maintain the valid values when multiple selected', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        isMulti: true,
+        query: 'A,C',
+        value: ['A', 'B', 'C'],
+        text: ['A', 'B', 'C'],
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual(['A', 'C']);
+      expect(variable.state.text).toEqual(['A', 'C']);
+    });
+
+    it('Should pick first option if none of the current values are valid', async () => {
+      const variable = new CustomVariable({
+        name: 'test',
+        options: [],
+        isMulti: true,
+        query: 'A,C',
+        value: ['D', 'E'],
+        text: ['E', 'E'],
+      });
+
+      await lastValueFrom(variable.validateAndUpdate());
+
+      expect(variable.state.value).toEqual(['A']);
+      expect(variable.state.text).toEqual(['A']);
+    });
+  });
+});
diff --git a/public/app/features/scenes/variables/variants/CustomVariable.tsx b/public/app/features/scenes/variables/variants/CustomVariable.tsx
new file mode 100644
index 00000000000..07c923b7d54
--- /dev/null
+++ b/public/app/features/scenes/variables/variants/CustomVariable.tsx
@@ -0,0 +1,56 @@
+import React from 'react';
+import { Observable, of } from 'rxjs';
+
+import { SceneComponentProps } from '../../core/types';
+import { VariableDependencyConfig } from '../VariableDependencyConfig';
+import { VariableValueSelect } from '../components/VariableValueSelect';
+import { VariableValueOption } from '../types';
+
+import { MultiValueVariable, MultiValueVariableState, VariableGetOptionsArgs } from './MultiValueVariable';
+
+export interface CustomVariableState extends MultiValueVariableState {
+  query: string;
+}
+
+export class CustomVariable extends MultiValueVariable<CustomVariableState> {
+  protected _variableDependency = new VariableDependencyConfig(this, {
+    statePaths: ['query'],
+  });
+
+  public constructor(initialState: Partial<CustomVariableState>) {
+    super({
+      query: '',
+      value: '',
+      text: '',
+      options: [],
+      name: '',
+      ...initialState,
+    });
+  }
+
+  public getValueOptions(args: VariableGetOptionsArgs): Observable<VariableValueOption[]> {
+    const match = this.state.query.match(/(?:\\,|[^,])+/g) ?? [];
+
+    const options = match.map((text) => {
+      text = text.replace(/\\,/g, ',');
+      const textMatch = /^(.+)\s:\s(.+)$/g.exec(text) ?? [];
+      if (textMatch.length === 3) {
+        const [, key, value] = textMatch;
+        return { label: key.trim(), value: value.trim() };
+      } else {
+        return { label: text.trim(), value: text.trim() };
+      }
+    });
+
+    return of(options);
+
+    // TODO: Support 'All'
+    //if (this.state.includeAll) {
+    //  options.unshift({ text: ALL_VARIABLE_TEXT, value: ALL_VARIABLE_VALUE, selected: false });
+    //}
+  }
+
+  public static Component = ({ model }: SceneComponentProps<MultiValueVariable>) => {
+    return <VariableValueSelect model={model} />;
+  };
+}